Sahara Life Insurance

Established in 2004, Sahara India Life Insurance is India’s first wholly owned private life insurance company. With a sizeable presence in most parts of the country, the company serves all sections of society, from the privileged and the urban based to those belonging to the middle class and living in the rural areas. Sahara India Life Insurance offers an extensive range of products like Unit Linked Plans, Money Back Plans, Endowment Plans, Term Assurance Plans and Group Insurance Plans that cater to the insurance needs of individuals of all ages and segments.

Documentation needed to apply for an Sahara Life Insurance

Key Highlights of Sahara Life Insurance:

As one of India’s first fully owned private life insurance provider, Sahara Life Insurance Company is one of the most trusted insurance providers in the country. Specializing in life insurance products, Sahara Life is one of your best go-to options for life insurance due to two very important factors – claim settlement ratio and grievances resolved. In the year 2014-2015, the company boasts of a claim settlement ratio of almost 90%, while also ensuring to settle the grievances of 100% of their customers, making them one of the most customer friendly and reliable insurance company to be associated with.

Different types of Life Insurance Policies Offered By Sahara Life:

Sahara Life Insurance offers a variety of life insurance plans which have been designed to provide tailored life insurance solutions not only to individuals but also to groups. Given below is the list of all the life insurance plans offered by Sahara.

Sahara Life Insurance Endowment Plans:

Endowment plans, as the name suggests, are meant to endow policyholders with the opportunity to use life insurance instruments as an investment. The plans offered under this scheme are:

Sahara Shrestha Nivesh-Jeevan Bima - This is an endowment plan that has been designed specifically to cater to people who might have an uncertain income. It offers policyholders the option to make a single payment for the premium in order to secure the financial future of the family.

Sahara Shubh Nivesh-Jeevan Bima - This too is a single premium endowment plan that offers a minimum sum assured of Rs. 50,000. There is no limit on the maximum amount that can be taken as the sum assured. This plan is targeted at those who intend to buy a house or expect to pay massive amounts towards education in the near future.

Sahara Dhan Sanchay Jeevan Bima - This is a traditional participating endowment plan that offers policyholders the dual advantages of protection and income. Not only does the plan provide life insurance coverage, it also provides for a regular income which can help dependents fulfill any financial obligations that they may have.

Plan

Basic Sum Assured

Tenure (Policy Term)

Sahara Shrestha Nivesh

Min – Rs. 30,000
Max – Rs. 1 Crore; subject to underwriting

5 to 10 years (subject to a min. maturity age of 19 years nearer birthday)

Sahara Shubh Nivesh

Min – Rs. 50,000
Max – No limit; subject to underwriting

10 years (fixed)

Sahara Dhan Sanchay

Min – Rs. 50,000
Max – No limit; subject to underwriting

Min – 15 years
Max – 40 years (subject to max maturity age of 70 years

Sahara Life Insurance Money Back Plans:

Sahara Pay Back – This is a non-linked, limited premium money-back participating endowment plan which will help you manage your expenses so that you have lump sum funds available for emergencies, while also protecting your family in times of financial hardship.

Sahara Dhanvriddhi – This is a single-premium money-back endowment plan which requires only a one-time premium payment which provides life cover until maturity, along with financial security at times of unpredictable unfortunate events.

A unit linked plan from Sahara Life Insurance is a tool that takes a part of the premium to provide life cover and the remainder is invested in the markets. The plans offered by the company are:

Sahara sanchit - Jeevan Bima :This is a single premium, unit linked insurance plan that provides risk coverage and an opportunity to increase your wealth. This policy can be taken for a period of 5 years to 10 years and the sum assured can range from 110% of the premium to 125% of the premium paid.

Sahara Utkarsh - Jeevan Bima : This is a ULIP that can be taken for periods ranging from 8 years up to 20 years with the sum assured ranging from 110% to 125% of the premium paid. The premiums can be paid as a single premium or throughout the term of the policy.

Sahara Sugam Jeevan Bima

Plan

Basic Sum Assured

Tenure (Policy Term)

Sahara Sanchit

Up to 45 years – 125% of single premium; 46 years & above – 110% of single premium

5 to 10 years

Sahara Utkarsh

Up to 45 years – 125% of single premium or 10 times of annualized premium (regular premium).
46 years & above - 110% of single premium or 7 times of annualized premium (regular premium).

8 to 20 years

Sahara Sugam

10 times of Annualized Premium

10, 15 or 20 years

Sahara Life Insurance Group Plans:

Group insurance plans are aimed at groups of people or companies that want to provide some sort of an insurance cover to their employees. The various plans offered by them as group insurance plans are:

Sahara Samooh Suraksha - Any group of individuals or companies that wish to provide insurance benefits to group members can opt for this plan. The policy provides a minimum cover of Rs.50, 000 and a maximum cover of Rs 5,00,000 for each of the members of the group.

Sahara Jamakarta Samooh Bima - This is a group term insurance plan targeted at those who are unable to avail individual life insurance covers. This scheme offers group members term Insurance benefits which are payable to nominees in case the insured person passes away.

Plan

Basic Sum Assured (per member)

Tenure (Policy Term)

Sahara Samooh Suraksha

Min – Rs. 50,000; Max – Rs. 5,00,000

-

Documents Required for Buying Sahara Life Insurance:

In order to purchase a Sahara Life Insurance product, you will be asked to submit certain documents such as your proof of identity, proof of age, proof of income, proof of residence and a copy of your PAN Card.

Sahara Life Insurance Claim Settlement Ratio:

Year

Claim Ratio

2014 - 2015

89.97%

2013 - 2014

90.19%

Eligibility For Sahara Life Insurance Plans:

In order to apply for any of the life insurance plans, applicants must comply with the eligibility criteria laid down for each plan. Owing to the different features of each plan, the eligibility criteria for each life insurance plan is different, as is illustrated in the table given below.

How To Check Sahara Life Insurance Policy Status:

If you wish to check the status of your Sahara Life Insurance policy, you may conveniently do so by visiting their website. For checking the policy status and details, you will be required to provide policy related details like your policy number and your date of birth. Once you have provided that information, the page will immediately display the details and status of your policy.

Premium Payment For Sahara Life Insurance:

For added convenience, customers can pay their Sahara Life Insurance premiums via multiple modes which include in cash, by cheque and Electronic Clearing Scheme (ECS).

Sahara Life Insurance Premium Calculator:

If you wish to find out the premium amount payable towards any life insurance policy offered by Sahara , you may easily do so by using the premium calculator. For calculating this amount, you will be required to provide certain details like the term of your chosen plan, your age and the amount of sum assured which you have chosen. Based on this, the tool will calculate the premium amount which you will be paying towards your insurance cover.

Sahara Life Insurance FAQs:

Q. What are the available modes for payment of premium available for me?

A. You can pay it Yearly, Half-Yearly, Quarterly or Monthly through direct debit and group billing only.

Q. What are the possible rebates available on this policy?

A. You can avail rebate for Yearly & Half-Yearly mode of premium payments at 3% and 1.5% respectively. Terms and conditions of the bank apply.

Q. If I pay the premiums through cheques, in whose favour should I draw them in?

A. If you are paying your premiums through cheques, please draw them in favour of Sahara India Life Insurance Company Ltd., payable at any of our branch cities.

Q. What do I do if I wish to make premium payments in cash? Is there any provision for the same?

A. All cash payments can be made at any of Sahara Life Insurance branch offices.

Q. Where can I find Sahara’s corporate agents and contact them?

A. The website has pages, to get the official list of Sahara’s corporate agents and contact them. All details required including location and state, as well as POA’s with contact details are given. The list is mostly concentrated in the Northern towns of India.

Q. Where can I find direct agents and how should I contact them?

A. You simply go on the website, to get the official list of Sahara’s corporate agents with their codes adjacent to their names. Simply press Ctrl and F and fill in the name you are looking for and search. Once, you have the code. Call Sahara Life insurance and provide the code to get the details.

Q. How well is the company doing when it comes to claim settlements?

A. According to our sources the Claim-settlement for Sahara Life insurance is at a ratio of 90.0% from April 2014 - March 2015.

Q. I am 19 years old and studying in a university, can I apply for life insurance from Sahara?

A. Yes, the minimum age required for applying for a life insurance policy in Sahara is 18 years.

Q. I am 52 years old but have not retired yet, can I apply?

A. Unfortunately, Sahara offers life insurance policies for people who are below the age of 50 years.

Q. What are the documentation that I need to apply for a life insurance from Sahara?

A. You need to have the following documents ready before you start applying for a life insurance at Sahara:

Identity proof

Age proof

ddress Proof

Income Proof

PAN No.

Note that some documents may serve for more than one document requirement. For example, a passport may suffice as an identity, age and address proof alone. Ideally, you should have more than one ID proofs. For example, you could have your Voter ID and your driving license to support the three proof requirements.

Q. What is the address of the head office of Sahara Life Insurance Company?

A. The head office address of the Sahara Life Insurance Company is:

Sahara India Centre,

2, Kapoorthala Complex,

Lucknow-226024.

Q. What is the toll free number for Sahara India Life Insurance Company?

A. The toll free number of the Sahara India Life Insurance Company is 1800-180-9000.

Q. What is the minimum eligibility criteria for different Sahara Life Insurance plans?

A. Considering that the features of each plan are different, the eligibility criteria for each life insurance plan is different. Please check with the nearest branch or Sahara Life insurance representative for further details.

Sahara Life Insurance FAQs:

Q. What are the available modes for payment of premium available for me?

A. You can pay it Yearly, Half-Yearly, Quarterly or Monthly through direct debit and group billing only.

Q. What are the possible rebates available on this policy?

A. You can avail rebate for Yearly & Half-Yearly mode of premium payments at 3% and 1.5% respectively. Terms and conditions of the bank apply.

Q. If I pay the premiums through cheques, in whose favour should I draw them in?

A. If you are paying your premiums through cheques, please draw them in favour of Sahara India Life Insurance Company Ltd., payable at any of our branch cities.

Q. What do I do if I wish to make premium payments in cash? Is there any provision for the same?

A. All cash payments can be made at any of Sahara Life Insurance branch offices.

Q. Where can I find Sahara’s corporate agents and contact them?

A. The website has pages, to get the official list of Sahara’s corporate agents and contact them. All details required including location and state, as well as POA’s with contact details are given. The list is mostly concentrated in the Northern towns of India.

Q. Where can I find direct agents and how should I contact them?

A. You simply go on the website, to get the official list of Sahara’s corporate agents with their codes adjacent to their names. Simply press Ctrl and F and fill in the name you are looking for and search. Once, you have the code. Call Sahara Life insurance and provide the code to get the details.

Q. How well is the company doing when it comes to claim settlements?

A. According to our sources the Claim-settlement for Sahara Life insurance is at a ratio of 90.0% from April 2014 - March 2015.

Q. I am 19 years old and studying in a university, can I apply for life insurance from Sahara?

A. Yes, the minimum age required for applying for a life insurance policy in Sahara is 18 years.

Q. I am 52 years old but have not retired yet, can I apply?

A. Unfortunately, Sahara offers life insurance policies for people who are below the age of 50 years.

Q. What are the documentation that I need to apply for a life insurance from Sahara?

A. You need to have the following documents ready before you start applying for a life insurance at Sahara:

Identity proof

Age proof

ddress Proof

Income Proof

PAN No.

Note that some documents may serve for more than one document requirement. For example, a passport may suffice as an identity, age and address proof alone. Ideally, you should have more than one ID proofs. For example, you could have your Voter ID and your driving license to support the three proof requirements.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Sahara Life Insurance Reviews

It was not very nice experience to hold the insurance policy with Sahara life insurance company .The premium which I have paid was around 2500 Rupees every month and in-between if you want you take some amount later it keep adding towards it

I am getting tax reversal benefits on taking insurance policies. As I have a life insurance policy with Sahara Life insurance, premium payment is deducted on monthly basis from my salary. For more than 10 years, I am having the policy with them and they are good.

Share life insurance has very good investment for the engineering people. We have to pay the premium for four years and get the returns which are good. They cover the accidental and natural death. Coverage depends upon the premium amount. All the normal person can also avail the facility.

I have taken a life insurance plan from Shara life for the tenure of 20 years. I am with them since 2003. They provide the best service for all kind people without any difference.They offered the policy coverage of 2.5 lakhs for my plan. I pay monthly premium of Rs.800 which is debited from my salary account.